Saxo bank update ?

L

luisHK

Hi

Looking at Saxo as a possible secondary account, don´t plan to do many transactions but might keep more than a few bucks there. Minimum balance for Spain residents is 100k Euros btw, are many people keeping 7 digits and more accounts with Saxo ? The outfit looks quite a bit bigger than de Giro, am I right ?
Any experience in transferring positions there, from banks and brokerage accounts in EU and Asia ? Also any experience with the withdrawals, does it work easily and can one wire money out to a different account from where the account was funded ? All same name accounts. I´m used to IB where payments are very easy, but read some brokers make more problems, sometimes a lot.
How solid does the company look ? It´s been in the market for a while, there were some bad stories during the eurchf mess but it´s still there, dunno how the court cases went, if they went anywhere at all.

Also just remember they introduced an account maintenance fee a few years go, that was one the reason that kept me away from them, might be 0.1 or 0.2% of total balance, I can´t see it now on theirt price list but the one I found ws very short. Is the maintenance fee still there. Looking at an individual professional account.

Thanks for all info
 
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What issues do you have with IB? I have all my family accounts at IB. They have key account services for people doing $400 a week in commission so you get priority support.
 
ZBZB said:
What issues do you have with IB? I have all my family accounts at IB. They have key account services for people doing $400 a week in commission so you get priority support.
More...


Happy customer of IB here, but have roughly half my net worth there, might need to close accounts in HK which are not negligible and don´t want to increase IB´s share.
Besides IB has been giving a hard time from compliance to more customers than usual lately, never know, they might decide one day my account might also need to be closed, better have one or more back up accounts.
 
Saxo is nothing more than a broker. Don't be fooled by 'Bank' in its title. Dukascopy Bank is the same. Looks like it's easier to become a bank in Swiss or Denmark. Saxo is a Demark company. Not sure what's the presence of Denmark in financial businesses.
 
luisHK said:
Happy customer of IB here, but have roughly half my net worth there, might need to close accounts in HK which are not negligible and don´t want to increase IB´s share.
Besides IB has been giving a hard time from compliance to more customers than usual lately, never know, they might decide one day my account might also need to be closed, better have one or more back up accounts.
More...

I like the Saxo info and updates. Thank you.
Would also be great to hear about any changes regarding HK brokerages for foreigners and if the day comes where you feel the need to exit from HK broker, please keep us updated. I have been wondering about this myself lately.
 
ZBZB said:
What issues do you have with IB? I have all my family accounts at IB. They have key account services for people doing $400 a week in commission so you get priority support.
More...

Conservative investor here...I would never put all my eggs in one basket. 10-15% at Schwab, 10-15% at Fidelity. Yeah, I know IB is great and all. I want to sleep well at night. Have accounts at Wells Fargo Bank (checking, savings, safe deposit box). Do I like Wells Fargo?? Nothing to write home about. Can I get better interest/perks elsewhere? Yeah, sure...I have a checking account at another bank...If there is a wait at Wells Fargo. Have CD's and gold/silver spread around. I have a Note and deed of trust, rental, beautiful lot, my own house, cars paid for. Not saying "look at me" by any means. Just saying for me, spread it out with as wide a net as I can. I own stocks in Canada, China (BABA), Asia, Europe, US...That is how I run.

Just wondering if accounts were frozen for a few weeks (for whatever reason) at IB...What would you do???
 
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